On 13th Dec 2019, Government notified the e-invoicing rules, its applicability and date from when the notified rules will be effective. In all there were 5 notifications and a summary of notifications.
The GST Council in its last meeting pushed the e-invoicing mandate to 1st Oct 2020. Here are 5 key areas which need to be strategized considering the overall impact of e-invoicing on current practices, cost and efforts.
As a concept, e-invoicing has many advantages to offer to all the participants – suppliers, recipients and the Government. It also opens up avenues to provide value-added solutions and services by using the highly standard, processable and recent invoice data.
The new returns, which are supposed to be simplified, if followed in complete sense, can actually decrease the compliance processes. With real time invoice matching and monthly reconciliations, it will not only make compliance easier but would also boost tax revenues.